ATTENTION ALL SETTLEMENT CLASS MEMBERS - IMPORTANT UPDATE REGARDING THE SETTLEMENT HEARING
ANNOUNCEMENT: The Settlement Hearing took place on November 7, 2022, at 1:00pm. The Settlement and Plan of Allocation have been approved. Please refer to the Order and Final Judgment, entered November 8, 2022 for additional information.
The information contained on this website is only a summary of the information presented in more detail in the Notice of Proposed Settlement of Class Action, Motion for Attorneys' Fees and Expenses, and Settlement Fairness Hearing. Because this website is just a summary, you should review the Notice for additional details.
Summary of the Action and Settlement
This website relates to a pending securities class action known as Chun v. Fluor Corporation, et al., Case No. 3:18-cv-01338-X (the “Action”). The United States District Court for the Northern District of Texas is in charge of the Action and the case has been overseen by the Honorable Brantley Starr.
This Action brings claims against Defendants for alleged violations of provisions of the Securities Exchange Act of 1934 (the “Exchange Act”). The First Amended Class Action Complaint (“FAC”) pleads, among other things, that Defendants made misrepresentations and/or omissions of material fact in public statements to the investing public regarding the bidding, construction, accounting treatment, and financial reporting concerning large, fixed-price projects.
Plaintiffs and Defendants have reached an approved Settlement of Thirty-Three Million dollars ($33,000,000) (the “Settlement Amount”), plus interest earned thereon, minus attorneys’ fees, costs, administrative expenses, and any awards to Lead Plaintiffs, and net of any taxes, to pay claims of investors who purchased or otherwise acquired Fluor common stock during the Settlement Class Period.
The Settlement Class includes all persons or entities who purchased or otherwise acquired the common stock of Fluor (NYSE: FLR) between August 14, 2013 and February 14, 2020, both dates inclusive.
Excluded from the Settlement Class are Fluor and the Individual Defendants David T. Seaton (“Seaton”), Biggs C. Porter (“Porter”), Bruce A. Stanski (“Stanski”), Matthew McSorley (“McSorley”), Gary G. Smalley (“Smalley”), Carlos M. Hernandez (“Hernandez”), D. Michael Steuert (“Steuert”), and Robin K. Chopra (“Chopra”).
The Settlement resolves the lawsuit concerning whether Defendants violated U.S. federal securities laws by allegedly issuing materially false and misleading statements. Defendants and Lead Plaintiffs disagree on liability and damages. Defendants deny the lawsuit’s allegations and all charges of wrongdoing, fault or liability against them arising out of any of the conduct, statements, acts or omissions alleged, or that could have been alleged, in the Action. Lead Plaintiffs believe that their claims have merit and that, if they prevailed on all of their claims and the Court accepted their theory of damages, the Class would have been able to collect a substantial amount of money, assuming that the full amount of the judgment was collectable. The Parties disagree on how much money could have been won if the investors won at trial.
How do I obtain more information?
For further information regarding the Action or the Notice or to review the Stipulation of Settlement dated March 25, 2022 (the “Stipulation”), please download a copy from the 'Notice' page or "Important Documents' page on this website. Additional information may also be obtained from the Claims Administrator toll-free at (888) 964-2130 or at Fluor Securities Settlement, c/o JND Legal Administration, P.O. Box 91325, Seattle, WA 98111. You may also contact representatives of Lead Counsel for the Settlement Class by contacting Matthew L. Tuccillo or Jennifer Banner Sobers, Pomerantz LLP, 600 Third Ave., 20th Floor, New York, NY 10016, (212) 661-1100 and/or Darryl J. Alvarado or Ellen Gusikoff Stewart, Robbins Geller Rudman & Dowd LLP, 655 West Broadway, Suite 1900, San Diego, CA 92101, (800) 449-4900. Please do not contact the Court or Defendants regarding this Notice.